What is a Waqf?

Waqf is a concept which resembles closely the Anglo-American trust. It is a form of endowment under which the ownership of assets is transferred to a juristic body (namely the Waqf), which manages the assets and the fruits of the assets for named beneficiaries for a defined period of time. 

The Emirate of Sharjah (by Law No. 4 of 2011 has now introduced a special decree facilitating the establishment and operation of Waqfs.

Why was the Sharjah Law Needed?